The movement in the crypto world continues unabated. Especially the big sales movements on the Ethereum network are attracting the attention of investors. As we reported at Kriptokoin.com, the Golem address that carried $100 million worth of ETH last month has re-emerged. In addition, this movement may be a sign of a new wave of sales in the market. The fact that Ethereum whales have also become active is putting pressure on prices.
Golem Address is Back in Action
The multi-signature address belonging to the Golem project has become active again. With the movement of this address, 4000 ETH was transferred to major exchanges such as Binance and Coinbase. Thus, this situation increased the selling pressure in the market. In particular, the Golem address is from the Ethereum ICO period in 2016. At that time, this address collected 820,000 ETH. In the last month, $100 million worth of ETH was sold through this address. These developments are putting pressure on the Ethereum price.
ETH whales also seem to have taken action during the same period. Large ETH holders have moved 40,000 ETH to exchanges in the last month. This development shows that institutional interest in Ethereum has decreased. This situation puts pressure on the ETH price. The price has remained stable at $ 2,600. However, this situation creates anxiety in the Ethereum community.
Relationship Between Ethereum Whales and Golem Address
The activation of the Golem address also mobilized Ethereum whales. Whales began to move large amounts of ETH to exchanges. This increased the selling pressure in the market. This movement of whales shows that institutional interest in Ethereum is decreasing. 40,000 ETH was transferred to exchanges in the last month. This move kept the ETH price stable at $ 2,600.
Vitalik Buterin continues to work on future developments in this process. Finally, he proposed the concept of “plurality”. This concept aims to change the way blockchain systems interact. However, these developments have not relieved the pressure on the ETH price. The price continues to be shaped by market dynamics.
Ethereum ETFs Continue to Exit
The large movement of ETH whales and Golem addresses also indicates that institutional participation has decreased. In addition, there have been continuous outflows from spot ETH ETFs over the past five days. Especially on Wednesday, August 21, these outflows reached $ 18 million. During this period, Grayscale Ethereum ETF (ETHE) experienced the biggest decline. ETHE experienced an outflow of $ 31 million in one day. Since launch, a total of over $ 2.5 billion has been outflowed from ETHE. As a result, these outflows have largely been directed to BlackRock’s ETH ETF.
BlockRock’s ETF has attracted over $1 billion in inflows since its launch. Therefore, this plays a significant role in determining the direction of the market. In particular, these developments in the Ethereum market continue to attract investors’ attention. However, despite all these outflows, Ethereum developers continue to focus on their projects. As a result, future projects can reshape Ethereum’s market dynamics.”
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